Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $71.98, for a total value of $35,990.00. Following the completion of the sale, the director directly owned 97,415 shares in the company, valued at $7,011,931.70. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Prosperity Bancshares Trading Down 0.3%

Shares of NYSE PB traded down $0.20 during midday trading on Friday, reaching $73.58. 534,147 shares of the company were exchanged, compared to its average volume of 602,190. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.76. The stock has a fifty day simple moving average of $71.02 and a 200 day simple moving average of $72.29. The stock has a market cap of $7.01 billion, a P/E ratio of 14.02, a PEG ratio of 1.02 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The business had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The company's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 EPS. As a group, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.15%. Prosperity Bancshares's dividend payout ratio is currently 44.19%.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC raised its holdings in Prosperity Bancshares by 33.8% in the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank's stock valued at $69,000 after acquiring an additional 249 shares during the last quarter. Steph & Co. acquired a new position in Prosperity Bancshares in the 2nd quarter valued at $38,000. Dakota Wealth Management raised its holdings in Prosperity Bancshares by 9.4% in the 2nd quarter. Dakota Wealth Management now owns 4,318 shares of the bank's stock valued at $303,000 after acquiring an additional 370 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Prosperity Bancshares by 27.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 39,427 shares of the bank's stock valued at $2,769,000 after buying an additional 8,441 shares during the period. Finally, Kwmg LLC grew its stake in shares of Prosperity Bancshares by 2.2% during the 2nd quarter. Kwmg LLC now owns 90,113 shares of the bank's stock valued at $6,330,000 after buying an additional 1,939 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PB has been the topic of several research analyst reports. Hovde Group lowered their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective for the company. Barclays dropped their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Royal Bank Of Canada reduced their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $83.80.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.